Evening Star Newspaper, April 2, 1932, Page 15

FINANCIAL THE EVENING STAR, WASHINGTO D. C, SATURDAY, APRIL 2, 1932 BONDS DEPRESSED ' [ rone BONDS smox scance ] | AWS DO NOT FIX CURB ISSUES DROP - AT SHORTSESSN High-Grade Group Dragged Down by Heavy Selling Elsewhere. BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, April 2.—Bonds today dropped into new low ground for the year. Trading was fairly active Standard Stetistics’ index of 60 repre- | sentative issues was under the January 4 Jow of 71.5 within a few minutes of the opening and later extended the de- cline. All issues, even United States' Governments, were affected { At the opening declines of 1 to 4 Ppoints occurred in the semi-speculative railroad, industrial and utility bonds i While the current nl'm\bm(;lnt r'.\‘;"\s‘ ly precipitated by the rush of in- }:nexg;rs Brom tazable bonds into Gov- ernments and municipals, it was ap- + parent today that the sharp declines in stocks had once again brought out | forced liquidation of bonds used as| backlogs for stock margin accounts. Seasoned investment issues went down with the rest, including American Telephone 5s and 5'»s, New York Tele- phone 4!ps, Detroit Edison 4'is, Du- quesne Light 4.5, Standard Oil of New Jersey 5s. General Motors Acceptance 6s and a few high-grade carrier issues such as West Shore guaranteed 4s and Norfolk & Western 4s. United States Government issues wese off only narrowly. Even though only one of the 11 active issues is entirely tax-exempt. there is still a brisk de- ' mand for them from institutions and small holders of bonds to whom a tax exemption on $5,000 of income is suf- ficient. The widest declines occurred in the junior rails. The fact that a plan is ing arranged to pay off the Cotton Belt 4s, due June 1, about half in cash and half in refunding bonds, indicated that the Reconstruction Finance Cor- poration might advise this policy in the case of other maturing railroad bonds. As a result Nickel Plate 6s, which re- cently sold at 747, dropped abruptly more than 8 points to a level about 35 points under their 1932 high. Cotton Belt 4s siumped more than 5 points. Baltimore & Ohio 41.5, due this year and next. were sharply lower. Other near term carrier issues were weak. In the utilities the default in inter- est payments of three Insull properties in the Widdle West was reflected in sharp losses in bonds of utility holding concerns. _ These included Utilities Power & Light 55 and American & Foreign Power 5s. Middle West Utilities notes, due June 1, were about 27 bid, 283, asked. The foreign department was quiet, but Friday's strength in thé German and other European groups did not re- assert itself. INTEREST RATES. By the Associated Press. The average of time money rates re- ceded last week, but call funds retained the level of the previous week. In the table that follows the average for both classes of money is given for comparable periods as calculated by the Department of Commerce: Call. 2.50 2.50 1.50 Time. Week ended March 26.... Previous week Same week last year Baltimore Port Arrivals. BALTIMORE, April 2 (Special).— The Maritime Exchange reports that there were 220 arrivals during March, zeven more than in February. Arrivals for the first three months were 679, sgainst 691 for the same period in 1831. Washin;UJ; gt(;ék Exchange. SALES. ‘Washington Gas 6s “A"—$1,000 at 100. Mergenthaler Linotype—20 at 40, 5 at a 40, 2 at 40. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Tel. & Tel. 4'as '39. Amer, Am. Tel. & Tel. ctl_ir ‘Anacostis & R omac Elec. 65 1953 : Jex. d t, Vernon ¢if] s MISCELLANEOUS. Barber & Ross, Inc., 6'28.. Chevy Chase Club 5tas. ... c 8 Cotum Ciub 5 W Storaze STOCKS. PUBLIC UTILITY. Amer. Tel & Tel. () Capital Was Wash. Rwy. & Elec. com Wash. Rwy. & Elec. pia. (3) NATIONAL BANK. M Ospital (14) Mo stamped) (165..." TRUST COMPANY. &Tr Co a8) Wash Mechani FIRE American (12). Corcoran (10) MISCELLANEOUS. erber & Ross. Inc. com.... Col._Medical Bidg. Carp. (6). D C. Paper Mfs. nfd < Dist. Natl. Sec. pid Bid. Co_pfd Lanston Monotype — Mergenthaler Linotype (3) Natl M ofd_(8) Peoples Drug Stores pfd. (613} M & G pfd w 8 Wash, Med. Bldg Corp Wdwd. & Lothrop. com Wdwd. & Lothrop pfd. ( *Ex. dividend. 52% extra ¥2'25 extra. ¥37% extra héc, extra. 5% S 1200 extra. §1% extra. Unlisted Department. BONDS. Army and Navy Olub 5s... Munsey Trust |Gen P Sviiss s Lib 3148 32-47 L 15t 45 3247 L Ist 434532 L 4th 438 33- 1" S 38 195165 TS 3448 1946-49 SI%sM41-3 wwmnsanh | Abitint P&P 5853, {Ab& St5ls 43... | A'leghany Cp 58 44 Alleghany 6s ‘49, Alleghany 58 '50. Allis-Chalm 588 | Am F P 552030 Am1G Am Intl 54 Am N Am Sm&Ref 58 47, Am Sug Ref 6537, Am T&T 4158°39. . Am T&T c tr 5848, Am T&T deb 5560, Am T&T deb 58 "65. Am T&T 548 Am Wat Wks Am Wat Wks 6575 Argentine s | Argent 65’ 61 May. Argentine 6s Argentine 63 B '58. Arm & Co 445°39 Arm Del 533 Atchis 43 190 Atchison gn 48 ‘85, Atchison 4158 48 Atl Gulf& W1 559, Atl Ref db 6s " Anstralin 43 Australia §s Australia Austrian 7s Austrian 7s R&O 4%x 60 B&Ore B & O ref 65 C B & O Sw dv 58'50 Bk Chile 6%s '61. Belgium 6s '65 Belgium 6135 °49. Belgium 78 '55. Belgium 7s '56. Bell Tel Pa b3 B'48, Bejl Tell Pa 58 C'60 Berlin Cy El 6s°'55. Berlin CEl 63 %51, Beth Stl pm 65 *36. Bolivia 7s 58 2 Bolivia 78 '6: Bordeaux 6s '34 Bos & Me 55 '67. Brazil 6155 '26-" Brazil 615 " e Brazil R'52, Brazi} 8s 41 Bklyn Ed js 4 BKIyn Man 68 A Bkiyn U'nGasss B R & Pitts 4158 57 Buenos AR 65 ‘6 Bush Ter con 5865, Bush T Bldg 5s'60. Calit Packing 55'40 Canada 45°60..... Canada 4155 '36. Canada 58 '52. Can Nat Ry 4338'51 Can Nat Ry 4348’ C tRy 41is an Nat 58 '69 Oct. Can Nor 433835 ., Can Nor db 6345 ‘46 Can Nor deb 78 '40. Can Pac db 4s. Can Pac 43546 Can Pac 4145 '60. Can Pac 58 '44 otfs. Cent Pac 15t 4; . Cent Pac 5s '60. Cent 11l E&G 5s Cen Ry NJ g 55 '87. Cert-td db 5 s '48, Ches Corp 5s'47... C&O04%sB'95 Ch & Oh con s " CB&Qegn4 CB&Qrtss Chi & Est Il 5s'51. Chi Grt West 48'59. Chi Ind&L gn 55'66 C M & StP gn 4s'89. C M StP&P 58 °'75.. CM &St Padj bs. . Chi & NW gn 4s '87 hi&NW 4348 2037, Chi& NW 43,849, Chi&NW rf 55 2037 Chi & NW 63%s°36. Chi RI&P gn 4s '88, Chi RI&P rf 45 '34. ChiRI&P 418’52 ChiRI4%s'60. ... Chi Un Sta 4%5°63. ~hi Un Sta 55 B'63. C& W Ind 5%s'62. Chile 6s "61. Chile s '63. Chile 78°42.... Chile Cop db bs '47. CCC&St L 4%sE'T CinUnTrust §s 202 Clev Term 4%s8'77 Clev Ter 5%35 A ‘72 Colomb 6561 Jan. . Colomb 6s ‘61 Oct. . Col G&E bs | Col Gas& oo Com Inves 538 4 Cons C Md rf §s Con G NY 4%s 51, Con G NY 5%s'45. Con Pow Japan 7s. Consum Pow 58’52 Copenhag bs ‘52 Cuba 638 "45. Czecho 8s'61. Del&Hud ref 4s ‘43 Denmark 4%s ‘62 Denmark 6s '42 D& R Gren 48°36. D&RG W 68'55.. Det Edi 445 D "61. Det Edison rf 58’49 Deutsche Bk §s'32. Dodge Bros 6s '40 Duquesne 4145 '67. DEI5%8'53 Nov. Dutch East I 65'47. Dutch East I 65'62. Fl Salvador 8s'48.. econ 4896, | Erie & Jer 63 '55. Finland 6% '56 Finland 7s'50... French Gov French Go T;s'41. Gelsenk'hen 68'34. , Gen Cable 5547, Gen Motors 65 '37 £ Gen St Cas 5348 Goodyr Rub 6 Grand Trunk Grt Nor 5138 B '52. Grt Nor gn 7s°36.. Humble O1] 58 '37.. Humble O 5% Hud & M adj o8 '67. Hud & M rf 55°57 Hungary Th%s ¢4 111 Bell Tell 55 311 Cent el tr 4% 63, 1il Cent 4% % °66 11l Cent 6145 °36. .. 111 Steel db 43,8 40, Int Rap Trrf 52'66 Int Rap Tt '66 sta. . Int Rap Tr 6s'32. Int & Gr Nor 5s 56 Int Hydro El 68 44 Int Match 6541, Int Match 68" Int Mer Mar 6s Int Pap 68 Co jorth Capital Savings Bank ationai Capital I o Northeast Savipes | ving = RAThen Hote1 Co. Washington fi'u,ang 5 Bail Ciub. [ e-Langdon Bav, Bank.. ot i o n = e . Italy 7s'Bl.. Japanese 5%8'65. ., 100 2 100 22 100 10 80 100 24 38 898 . 61100 12 39 1032 Bales. High 34 4 27 13 =T TP Py cBonn N PaNnsenas 0®Dak Deema akce oe anneanio o 1 a R UNITED STATES. Close. 100 100 100 8 100 21 893 911 94 28 953 94 19 97 14 100 7 102 31 333, 83% 174 19% 9314 10334 5415 101% 1015 ! 82% 524 981, 1004 55 744 4ty 100 100 100 10 10 915 94 28 953 94 20 97 14 1007 10231 1915 931y 104 5415 68% 9% 100% | 55 80 43 | | s, | Japanese 61558 ‘54, | Solvay Ay 5 | SW Bell T 58 A 54, | Sou Pac col 454 Talwan E P 5%s'71 Received by Private Wire Direct te The Star Office eh. Low Clore. 68% Kan City Ter 4s'60. Kan G&E 414580 Karstadt 6s '4; Kreug & Toll 58'59. | Laclede Gas 5534 Laclede 518 C'53. . Laclede 5155 D60 Lautaro Nit 6" Leh Val cn 45 200 Loew's 63 '41. .. . Long Isl rf 45 49 Lou G & Kl 55 A'32 . Lyons 6334 McKes & R 514x'50 Manhat 102 40 3415 29 58 '49 MK &T 1st 4590, MK & T adf 5867, MK & Tex 58 A '62 Mo Pac gn 4575 ., Mo Pac rf 5s A '65. Mo Pac 58 F ‘77 Mo Pac 53 G ‘78 Mo Pac 55 H ‘80 Mo Pac 15881, Mo Pac Molile-Ohio 5528 Mont Pow 58 43 Mont Pwr 58 A Mor&Co 15t 414 & Nat Dairy 538’48 E BE avnmiionSalanvascnnea: e w® NOT&MG5%s Nw S Wales 58 '57, Nw S Wales N Y €359 < N Y Cent db 4s ‘34, N Y Cent 4542 N Y Cent 4s NY Cref 41 NYCrfat NYCrefs N ¥ Cent b 6s " YC&SIL 18t 65 Y Edison &s B'44. Nor Am Ed 55 NorOT & L 6 . Nor Pac gn 3s 2047 Nor Pacri6s 2047, Oreg-Wash 4s Orlent Dev 514 Orlent Dev 65 '53.. Pac G&E 58 42 Pac T&T rf 5s Pan Am Pet 65°40. Paris-Ly M Par vy M 7s Pathe Exch 7s'87.. Penn 438 D81 Penn gn 4135 " Penn 41i 9 15 1001 Penn 55 64. Penn gen 5868 Penn 614536, Penn P&L 4145 ‘81, Peor & F 1st 4540, Pere Marg 4%s'80. Pare M 1st 5556 Peru 68 '60 Phila Co 5867 Phila Elec 48 'T1. Phila & Read 65 '43 Phillip Pet 5% 339 Pirell 7 " . Poland 18 47.... Poland 8s Port Gn El Por RAm T 68 '42. Fos Tel & C5s'53.. Pressed St C 55'33. Prussia §s 4 Prussia § 51. Public Sery 45’71 Pub Sv G 414567 Pure O11 5%48'37... Queensland 6s°47.. Rem Arms 6s A '37 San na B R~ RO~ ® Pam » Bruannwa-~Sal5 anrnonwanne o Basne e~ Rio de Jan 8135 '63. R Gr Do Sul 6s'63. R Gr Do Sul 8s"46. RIAr& L 4%s 34, Rome 635852, Royal Dutch 45 '45. St L&SF 45 A*50. . e arhs-Cr-S1 erhe-Cr-S18s 62, ., 3 Shell Un Oil 58°47. Shell Un O58'49ww Shinyetsu 614 Sine 011 61 Sine O11 Ts e 7 o P 15842 kelly Ol 5345 Sol <6326, 11 Bell T&T 68 41 ou Pac ref 4855 1P 4%8'69 wwr ou Pac 414881 » s TR T PR - - T R S e NY 4% weden 5148 54 Tenn 1P 63 A '47. Tex Corp ev hird Av rf 456 Third Avad) 55’60, ‘Toho EI Pw 65 '32. Toki 2 Tokio 5345 61... Tokio El Lt 6s'53 Tn Pac 1st 45 °47.. n Pac 48 . 'n Pac rf 48 2008 Un Tac 438 '67 Unit Drug Ge'53. Utd King 5348 '37 17 & Rubber 5847 [ he ks Haaxs Ud St W 638 A" Unit SS Cop 65 '37.. Uruguay 6s'60.. Uruguay 8846 . . Utah P& L 55 '44 Util Pw 58 '59 ww.. Utll Pow 6% 8¢ Vanadium St 5541, Vert Sug 18t 7s'42, » BEN A C AR NN A BNRBR R D SRS A 0 20 Va SW 1st cn 55 '58 Wabash 24 55°39. . W h Walworth 63 A "45. Warn Br Pic 68'39. Warn Quin 6s Warner Sug 75 '41. Warsaw 75 '58. West Sh 1st 45 2361 West El1db § West Md 4 West Md 5% West Pac 5346 West Union §s '61.. West Unlon 58°60.. West Un 633836, WEOG%S'ST ww. Wh Sew Mch 6s ‘40 W1l & Co 1st 6341, Wis CentTm 4s'36. Yokohama 65 '6 Yestn S&T 5 A Ygsin S&T 58 B'7 Buyers on Increase. NEW YORK, April 2 (#)—Accord- ing to estimates, a has been on vious Wi last year, r_number of | hero of the here dur was sunk VALUES OFSTOES Proposed Legislation Would | Not Alter Earning Power of Corporations. Special Dispatch to The Star. NEW YORK, April 2—The fact should be made clear to investors that | the current pessimism in Wall Street is | of quite a different character and arises | out of other causes than were responsi- | ble for the state of mind of the finan- cial district during the banking crisis in the latter part of 1931 and in the first six weeks of 1932. The country is now witnessing a re- action from the various measures by the Government that seem to put a crimp into the business of buying and selling securities but which do not in |any way affect the fundamental sur- roundings of these securities. The Gov- ernment may tax stock exchange mem- bers to an extent that will be regarded as prohibitive and perhaps curtail the volume of daily transactions. On the other hand, this does not disturb the earning capacity of securities dealt in or in any way create conditions that would influence corporation manage- ments to change their dividend policies. Shrinkage in Business. Professional Wall Street is bluer today than it was two months ago. This may be understood when it is realized that the volume of the daily turnover has been so small for weeks that Stock Exchange houses have had to reduce their organizations to a skeleton struc- ture and live on their capital. In March the total sales were only half as large as those in the same month last year. Stock Exchange seats have declined to the lowest price in years. Now comes a tax proposal that will weigh heavily on the trader and compel him to give up to the Government a substantial por- tion of the commission he derives from his “in-and-out” operations. It is quite conceivable that the pes- simism of the professional Wall Street man, whose outlook has been prejudiced by these conditions, may be communi- cated to the man who owns securities outright. The latter, if he is in daily or hourly touch with Wall Street, hears nothing but direful predictions of what is to come. He is given little encourage- ment to hold those securities that, so far, he has not been compelled to sell or has felt that by selling he could re- purchase at lower prices. There is no place in the world where sentiment or psychology plays such a part in de- termining the actions of men as it does in the surroundings of the market place. And when those whose business it is to deal in securities feel that they are be- ing robbed of their birthright by the Government they let it be known to all who will listen. It is quite necessary, therefore, to the investor just now to separate the wheat from the chaff in the daily gossip, use his head and keep his balance. From another point of view the bear- ishness of Wall Street is traceable to the reaction against the Glass bill. Here again it is the possibility of a crippling of the present machinery of both na- tional and State banks as well as private bankers, if the radical provisions of the Glass measure should be adopted, that has given expression to Wall Street sentiment of an extremely discouraging character. What bankers say, and more, how they feel, has an influence on & large mass of security holders. They believe the Glass bill is revolutionary and destructive in character; that its enactment in the present form would be a calamity. Securities’ Value Unaffected. However, it is for the investor to bear in mind that once more the values of securities intrinsically would not be | affected if national banks were com- pelled to dispose of their affiliates, or | certain shiftings of securities be neces- sary in order to conform to the banking principles set up in the Glass bill. This bill might compel certain types of bank- ing to be abandoned. It would not, however, mean any less earnings on the stocks of manufacturing companies or those of railroads or on the shares of power and light companies. The banker, somewhat like the professional trader in stocks, sees only a general calamity growing out of any dispossession by the Government of what he has long re- garded as his proper business per- quisites. All of this does not overlook the ac- tual conditions in the business and credit situation that e unfavorable and which, separately and in the ag- gregate, are now Inducing a certain amount of liquidation. The point to be stressed today is that for technical or professional reasons the outlook for securities is being made to look worse than it is and that, even if what is feared by bankers or brokers should come to pass in maximum degree, this could not have other than a technical influence on securities, perhaps delaying th recovery in them, but not undermin- ing them or creating handicaps which would be reflected in a loss of revenues for them or a paring down of dividends or of interest. (Copyright, 1932.) FARM BUYING POWER SHARPLY CURTAILED Recent Decline in Per Capita Con- sumption Has Cut Down Rural Incomes. BY CHAS. P. SHAEFFER, Associated Press Business Writer. Despite the increase in the farm prices level that has occurred during the last month, there are several eco- nomic factors which darken the farm- ers’ outlook. The relatively mild Winter has ad- vanced most farm work throughout the country, while the drought conditions of the last two years have been com- pletely obliterated by ample rainfall and snow. But these favorable conditions, however, are more or less nullified by huge inventories of farm produce and a restricted consumers' purchasing power. 3 This condition is said to apply in severe degree only in this country. In Europe and the Argentine, competition has ‘x’;come less severe, due in large measure to tariff walls and other forms of import restrictions. In this country there has been also gradual decline in the per capita consumption of princi- pal articles of farm merchandise, from wheat to meats, coupled with the de- cline in general purchasing power due to the low level of general business activity. Prlczu of farm produce are reported by the Agriculture Department as of March 15, latest available date, at 61 per cent of the five-year comparable period 1910, 1914. With prices of other commodities still above this pre-war level, it is seen that the purchasing power of farm produce is but little more than 50 per cent measured in the terms of other merchandise. An outstanding feature of the de- partment’s report was a four point ad- vance in the index of meat animal prices, following a drastic drop during the previous month. A comparative firmness in this group of prices in the past has resulted in many farmers con- verting much of their feed crops. in- | cluding some crops normally sold_for | human consumption, into livestock. This situation has created an advantage fo those farmers who have increased their feedings. — Ex-Chief Petty Officer P. H. Willis, submarine Poseidon, which in Chinese waters last June, ha$ been presented the Albert Msedal by King George of England. ¥ ONHEAVY SELLING Market Sags During All of Short Session—Utilities Weak. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, April 2—Stocks on the Curb Exchange today sagged from the opening. Pivotal shares like Electric Bond & Share and Cities Service were down only small fractions. This was also true of Standard Oil of Indiana, Niagara Hudson Power and United Founders. Other pivotal issues, how- ever, met increased offerings that brought about larger losses. Pressure against public utilities and air shares accelerated the general de- cline in the first hour. These groups soon were joined by pipe lines, natural gas shares, mining issues, food stocks and miscellaneous issues. Fears that the new revenue bill may |include an impost on electric consump- tion caused selling of the utilities. Then the fact that electrical output has shown a steady downward trend this year, not surprising in view of declinin industrial production activities, dimmed earning prospects. The way public util- ity preferred shares have slipped in re- cent sessions has disturbed many hold- ers of the common shares of power and light companies. Carman & Co. had discontinued the omission on the class A stock. The 14- point break late Friday in Consolidated Mining & Smelting of Canada prepared shareholders for the more complete an- nual report made public today, which showed a deficit of $713,290 in 19831 agalnst a 1930 net income of $2,378,351, OF $4.44 a share. BONDS ON THE CURB MARKET. Salesin DOMESTIC BONDS. thousands. Higp: lose. FAluminum Co Bs '52 90% 80% 0% 1 Aluminum Ltd 70 b} 6% 28 @ 1 3 2 Appaiach 1 Abpainc 30 Arkans P & L 11 Asso Elec Ind,3' 3 Aseo G & E 4 as & E 5128 A ‘55 125 44 C ULl 6s ‘33 5 Cent 5. Cent St P&L 81y Cig St Rei 4 Comwh Ed 4125 C '56 8 Comwh Edis 4s F '81 10 Gommuni PAL S5 '57 5 Cn Gas Bal 4135 H 'T0 2Con Gas U 635 A '4: 2 Con Gas Util 8 A ' § Consum” Pow 41ss ont G & E i 13 Continen Oil 5Det C G G 1lowa Pw 8§ Jer C P&L 4ias C 8 Ken Utilit 1st 8s ' 10 Kimberly Cl S5 A 1 Koppers G & C s * 1Kresge 585 45.... ... 2 Lehij 8 65 2026 6 1 Libby McN & L 38 1Long Island Lt 6s 1McCord Rad 8 "43.. 4 Manitoba Pw §ias 31 1 Mgssachu Gas 55 °55 1 Mass Gas 5ias '46. .. 8 Mid West Ut 55 '32 cv 29 4 Mid West Us 85 '33 cv est Ut 55 '34 cv 7 Narragansett Ss '57. 3 Nat Blectrlc stas 78 0 orOhto FEL B jor Stat Pow 533 5 Nor Stat Pow 4! Poy B 82893 253 2 ” seesuniedng: ST L3 gasezsaes W osw SE geessresezszen F14g 6 B 81 4Com Pr Bk 5iys '37 5 Ercole Mure 835 '53 10 Europ Mtg 7s Finld R M Bk S P s 4 *Moh Hud P 1st pf 7 768 FINANCI N. Y. CURB MARKET | Recetved by Private Wire Direct to The Star Office. 8tock and Sale— Dividend Rate. Add. St Regis Paper.... Salt Creek Prod (1) Seaboard Util (28¢) Secur Allled (1).. Btock Sale— Diaent Rate. A4, Aluminum of Amer 375s 35 Am Cap pr pf (5%) 1 46 Am Cit P&L A (a3) 22% | Am Cities P& L B. 2 Am Cyanamid B... 3% Am & For Pw war 2% ~ 25% 24 b 14% 1 Sentry Sat Control. Shenandoah pf Sherwin Willia: Sing M Ld ret p28e. Smith (A O).. South Penn Oil (1). Sou Pipe Line (2).. 1 Southland Roy 20c. 2 Southw Penn P L 1. 508 Stand Invest cm pf. 50s Stand Motors...... 1 Stand Of1 Ind (1).. Stand Ol Ky (1.60) . Stand Oil Nebr (2), Stand P&L pf (7).. Stand Pub Srv A Starrett Corp. Stutz Motor Car Swift & Co (2) Swift Intl (14). Swiss Am El pf (6) ‘Tech Hughes (£0c). Texon Oil & Ld (1). Tobacco Prod Del. . Todd Shipyard (2). Trans Air Trans Tri-Cont Corp w Tubize Chatel B.... Unt Car Fast (40c). United Corp war United Founder: United Gas... United Gas pf (1) Unit Lt&Pwr (A).. United L&P pt (8). Utd Profit Shar. ... Un Verde Ext (50¢c) Utlca G & E pf (7). UtlP&Lt.. Utility & Ind Jtil & Ind pf 1%, Utllity Equities Util Equities pf Venezuela Pete. ... Vick Finane (30c). Wenden Copper 21 West Cart pf ( 508 Westvaco Ch pt (7) 2! Wilson Jones. Woolwrth Ltd Yukon GoMd........ 1 Dividend rates in_dollars quasterly or semi-anual ividend. 7Partly extra. 1P} a Payable in cash or stock stock. e ment dividend. in stock. g Blus 8% in atock. h Plus i in stock. im:zfl. 1n st n Bl g e Fald it year—ho seguiar rate. n stock. D FEDERAL RESERVE RATIO. By the Associated Press, The ratio of total reserves of the 12 . | central banks to deposit and PFederal Reserve note liabilities combined showed a slight rise last week. The total ratios for comparable periods follow, as announced by the Reserve Board: Week ended March 30....70.9 per cent Previous week .70.6 per cent Same week last year -83.5 per cent Am Invest B war. . Am Laun Mch 1.20. AmLt&Tr (2%). Am Maracaibo Am Salamandra Am Superpower. .. Am Super 1st pf(6) Appalachian Gas. .. Arcturus Radio T. Arkansas t Gas Arkansas NtGs A.. Ark Nt Gs pf (60c). AsSOG&EADS%. Asso Laund vte. ... Atlantic Sec Corp. . Atlas Utllities. .} .. Atlas Util pf A (3). Rellanca Air v.t. Bickford's (1.20) Blue Ridge pf (a3). BAT c B(pl13 3-5c). Brasil Tr L&P (1). Buckeye PL (4). .. Buft N&E pt (1.60). Bunker HIlI&S v.t.c Bwana McKub Corp Canadian Marconi. Cent HudG&E (80¢) Cent Pub Sv A.. Cent States Elee.... Centrifug Pipe 60c. Cities Serv (g30c).. Cittes Sve pf (6)... Cities S P&L pf (7) Claude Neon, Inc. .. Cleve Tractor..... Col G & E cv pf (5) Col Oil & Gas vte. . Comwth Edison (8) Comwlth & Sou wa Comunty Wat Sve. Contl Chi ev pf (3). Cons Gas Balt 3.60. Cont Shares cv pf., Cord Cor) . Creole Petroleum Cresson Cons. ..., Crowley Mil (80¢) De Forest Radio Detroit Afrcraft, Duke Pow (5) Durant Motor: East States Pw B 5 East Util Asso (2). 10s Elec Bond & S new.. 71 Elec B&Spf (6).. Emp G&F cm pf(8) Europ El Ltd A 30¢ Elec P & L op war. Elec PAL2dpf A 7. Fajardo Sugar. Fedders Mfg ( “es Ford Motor Can A. F'd M Ltd p 36 3-5¢. Franklin Mfg. General Alloys. General Aviation Gn E Lt ret p36 3-5¢ Gen Theat Eq evpf. Glen Alden Coal Globe Unwrit k20¢, Golden Center 2 - SN an R —nDRR~N29 2 208 15 TR 3 4 2 W t yment. *Ex 4% in stock. in 508 2% Gotham Knitback. . 1 GtA&P T n v t6%. 1008130 Guif Otlof Pa.... 5 31% HiresCEA (2) Hudson Bay Min. .. Hygrade Food. Ind Pipe Line k35 Insull Inv, Ins Co N A CHICAGO STOCK MARKET CHICAGO, April 2 (#).—Following is bivd the complete official list of transactions !: |in stocks on the Chicago Stock Ex- | :.hnue today: | Sales. High. 1 ijas. | Low. m%ulu. 3 o Int Superpower (1) Int Util B.... Interstate Eq cv pf. Italian Superpw A. Kolster-Br Am sh. Lefcourt R pf (3).. Leh Coal & N (7). Lone Star G n(60c). Lorig Island Lt 60c. Mass Util Asso. Mem Nat Gas (60c) Mexico-Ohio Iil. .. Midl West Utilities Minn Honey pf (6). Mo Kans Pipe L... Mo Kans Pipe vtc B L B e & (IR o H PR Pt SR P 5Bl LA PRI 2999, 2, NS 2 & FESTSEET Mount St T&T (8). 50s o WEORke mw0 atwo wi Feoruloase aman alen o Nat Investors pf. .. Nat Pub Serv A 1.60 Natl Rubber Mch. . Nat S T Sec A $60c. atl Steel war. . atl Sugar N J (2 Natl Transit (1). Nat Unfon Radio. .. New Eng T&T (8). Newmont Mining Y Auction. . N Y Shipbuild Niagara H Pw (40c) 66 Niag HPwAwr... 7 Niag HPwBwr... 3 Niag Hud Pw C war 26 Niles-B-P'nd (§0¢). Noma Elec (40¢).. North Europ Oll. .. North Sta Pw A (8) Pac G&El 1st pf 1'% 'ac Pb Sv n pf 1.30. ParkeDavis (11.30) Parker Rust P (3). 50; Penroad Corp. Phila Co new t1. Phillp Morris. . Phoenix Secur Corp Phoenix Secu pf(3). Pllot Radio Tube A Ploneer Gold (12¢). Pitney Bowes b4 % . Pitts Plate Gl (1).. Power Corp Can(2) 20 Pratt&Lambert(2). 1 Pub Util Hld wa. 10 Pub UtilHidxw.. 10 Pub Ut Holdem pf. 2 Radio Prod. Raliway & L Ry & Util Inv (A).. Reybarn.......... 58888043 g0y 292 o ST 2 e 8! 28R EE wwa o 555353588880 ss “8?.‘l=.a:= e @ s 3322 PEEEEE) FERCE S BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, April 2— Sales. 103 BI 4 E;:‘E{Pfi_r%l'.:“.‘:.‘} tm;.llz St ol ated Gag com. -, . 8 c 2 100s 3 3 Trade Reports at a Glance. By the Associated Press. NEW YORK, April 2—Tabloid review of wholesale and retail busi- ness conditions as reported to Bradstreet's this week from the following centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: Manufacturing Retall trade. ~ and industry. Quiet Quiet Quict Quiet Fair Quiet Collections. Slow Slow Slow Slow Blow Slow Slow Slow Wholesale and job trade. Pittsburgh . . Quiet Chicago .. Cleveland Kansas City . Minneapolis . Omaha . St. Louis . St. Paul Baltimore Pittsburgh—Coal prices weak; tableware mmuhpum-l' volume above 1831 department store trade falling off. Chicago—Retail Bastér volumne nearly up to last year; steel still slow. add bcll'l;lohnfl—rrtnlm business below 1931; credit easing expected to ullding. Detroit—Ford’s new model displayed; general feeling optimistic; industrial employment increases. Indianapolis—Easter demand stimulated retail sales; eoal moving well; automobile sales increase. Loulsville—Cigarette factories active; farmers handicapped by lack of u&lm; last-minute Easter shopping brisk. liwaukee—Industrial activity below normal; Lakes favorable for o e &‘;."_%‘2.“,.,..'}:5" B 1 tomobile sales | 0| ity prices very low; auf ncrease; impassable roads a drawback to retail activity. Duluth—General trade unimproved; steel mills inactive; mining below normal. Kansas City—Wholesalers' orders small and for immediate needs; flour mills at 75 per cent. Minneapolis—Unseasonable weather hindered Easter activity; bulld- ing materials holding better; wholesale florists active Omaha—Wholesalers disappointed with Easter turnover; building slightly active; warm weather improves retail trade. St. Louis—Easter turnover satisfactory: political convention stimulates trade: foodstuffs steady: boots and shoes fa! . 8t. Paul—Wholesalers receive only fill-in orders: warm weather stim- ulates retail trade; furniture houses fairly active. AL FEDERAL RESERVE EPORTS ANALYZED Annual Statements Reveal Reductions in Loans and Total Deposits. Special Dispatch to The Star. NEW YORK, April 2—The com- pleted figures of the condition of the member banks in the Federal Reserve System as of December 31, 1931, are now available. From them an inter- esting comparison of the important changes in the resources and liabilities of these institutions, not only last year but “since the end of 1929. may be gathered. It is of interest in view of the March call which is now about due. In the two years between December 31, 1929, and the same date in 1931, total loans and investments of the member banks decreased from approxi- mately $35,000,000,000 to $30.575.000.- 000, or about 15 per cent. The greater ! part of this occurred last year when these itcms declined $4.153.000,000, or in excess of 12 per cent. Total loans were reduced in the two-year period from $26,150,000,000 to $19,260,000,000 Decline in Loans. Loans on securities dropped from $10,148,000,000 to $6,865,000,000. At the same time there was a compara- tively small decrease in real estate loans. All other loans declined .from $11.514,000.000 to $8,125,000,000. The reduction in total deposits of member banks was from about $38.- 000.000,000 at the end of 1929 to $30.- 746,000,000 on December 31, 1931 This represented a reduction of 19 per cent as against a fall of 15 per cent in loans and investments. The decrease, in demand deposits over the two years was 20 per cent and in time deposits under 15 per cent. Individual deposits subject to check decreased 22 per cent, whereas deposits evidenced by savings pass books declined less than 15 per cent. During this period there wa: considerable shifting of deposits from weaker to stronger institutions by means of checks rather than by the m:nx out of currency, as in forme: ‘The status of securities held by mem. ber banks from the end of 1929 t¢ December 31, 1931, went through a rad- ical readjustment. For instance, the total of United States Governmeni securities held in the portfolios of mem- ber banks increased from $3,863,000,. 000 in 1929 to $5,318,000.000 at the enc of 1931, reaching its highest point ‘in September, last- year at $5,564,000,000 At the same time all other securities held rose from $5.920,000,000 on De. cember 31, 1929, to $6,886,000,000 on the date of the March call last year Between that period and the Decembe: call they dropped to $5,995,000,000, sc were $75,000,000 higher than at the beginning of the depression. In analyzing the holdings of securi. tes, other than Governments, it & found that in the two years there wa: an increase in State, county and mu. nicipal bonds and in railroad and pub- lic service corporation bonds, but g decrease in all other bonds, including industrial and real estate issues, Bought Government Securities, The policy of the banks was to tist |the proceeds of liquidated loans ~ir urchasing additional Government ob- ations. The curious feature of the comparison is that it indicates such s slight change in holdings of corpora. tion issues, in view of circumstantial evidence, that banks - throughout the Icountry were liquidating railroad mart. |Bages on a wholesale scale, While they increased their investment in foreign securities quite considersbly Dbetween the end of 1929 and March 1931, they had approximately $90,000,. 000 less of such issues at the close of 1931 than on the similar date in 1929 Since the end of December thery has been a steady reduction in Joans and investments. To the middle of February there was a decrease in de. posits. The falling off in the loamy and investments of reporting member banks during the past two and one. nalf months amounts to $1,429,000,000 about equally divided between the twq items. Government securities have de. creased in greater ratio than other securities. The influence of conditions In the first half of this quarter will by apparent in the March bank state. ments, in spite of the fact that in the second half of the period the banking situation was decidedly on the mend.. (Copyright, 1932.) COTTON PRICES DROP IN WEEK'S TRADING Further Liquidation of Long Ac counts and Scattered Selling Depress Market. By the Associated Press. NEW YORK, April 2—The cotton market has beeg nervous and unset- tled during the past week, with ricey making new low ground for the pprex~ ent movement under further liquida. tlon of long accounts and scattereq selling. Attention seemed to be almost entirely monopolized by the news from Washington with reference to legisla« tion for balancing the budget and the action of the stock market. Disturbing influences were evidently found in both directions and, while rather a sharp break early in the week was followed by some rallies of 20 to 25 points on covering and trade buying, the market weakened again later, owing to the decline in security prices and a falling off in the demand. The decline extended to nearly the 6-cent level for May contracts, making a loss of about 117 points from the recent high level and a decline tc within 5 or 6 points of the season’s low record for that position established last October, but there was nothing to indicate that the declines in futures had caused any weakening of the spot situation. The trade buying, which had been a feature on the advances of late Feb- ruary and early March, appeared to have tapered off to comparatively small proportions, but made its appearance on the declines or on scale-down or- ders, and reports reaching here from the South late in the week said that spot offerings were light, with some qualities of cotton difficult to buy and the basis generally firmer. Further rains have been reported in the South, delaying farmwork, but the market is not,_yet showing much.response to the daily weather news. Two private re- F(tfl on planting intentions were ssued during the week, one of them placing the probable reduction in acreage at 7.3 per cent, while the other estimated it at 9.3 per cent. Southern selling has been very little in evidence and, except for spurts of liquidation or covering, general business has been comparatively quiet. FREIGHT LOADINGS. By the Assoclated Press. Revenue freight loadings for the week ended March 19 were reported by the American Railway Association as totaling 584,634 cars—the highest of any week this year. This was an increase of 9,153 cars above the preceding week, but 159,619 below the corresponding week in 1931. Coal loading totaled 131,067 cars, an increase of 3,096 over the correspond- ing week last year; miscellanequs freight, 189,912, decrease 93.208; mer. chandise less than car lot, 187,196, de-